South Korea’s Mirae Asset Global Investments (Mirae) is leading a consortium that is acquiring a portfolio of 15 luxury hotels in the US from China’s Anbang Insurance Group for US$5.8 billion, according to news reports.

Mirae has paid a 10% deposit for the hotels, which include the Westin St. Francis in San Francisco, Loews Santa Monica Beach Hotel, the JW Marriott Essex House in New York, and the Four Seasons in Jackson Hole, Wyoming, Bloomberg says in a report on September 11.

A Reuters report on the same day says the deal is expected to be closed by the end of January 2020.

Both reports quote unnamed sources.

It will be Mirae’s first major property purchase since May 2018, when it acquired US private equity firm Blackstone's London office building for $460 million.

Spokespersons for Mirae and Anbang Insurance did not immediately respond to questions from Asia Asset Management.

Seoul-based Mirae had $384 billion of assets under management as of end-June 2019.